Japan, EU sign free trade pact amid worries about Trump

Japan, EU sign free trade pact amid worries about Trump The Saigon Times Daily Japanese Prime Minister Shinzo Abe shakes hands with European Commission President Jean-Claude Juncker and European Council President Donald Tusk after signing a contract at the Japanese Prime Minister’s office in Tokyo, Japan July 17, 2018 – PHOTO: REUTERS TOKYO (REUTERS) – Japan and the European Union signed a wide-ranging free trade deal today that both sides hope will act as a counterweight to the protectionist forces unleashed by U.S. President Donald Trump. The ambitious trade pact, which creates the world’s largest open economic area, comes amid fears that a trade war between the United States and China will diminish the role of free trade in the global economic order. “There are rising concerns about protectionism, but I want Japan and the EU to lead the world by bearing the flag of free trade,” Prime Minister Shinzo Abe said at a news conference after the signing ceremony. The United States this month imposed 25% tariffs on US$34 billion of Chinese goods to lower the U.S. trade deficit, and China quickly retaliated with an increase in tariffs on U.S. goods. The Japan-EU trade deal is also a sign of shifting global ties as Trump distances the United States from long-time allies like the EU, NATO and Canada. “We are sending a clear message that we stand against protectionism. The EU and Japan remain open for cooperation,” European Council President Donald Tusk, who speaks for the 28 EU national… [Read full story]